My husband and I were planning on going on vacation and it occurred to me that we have not made any arrangements in case something happened to us while we were on vacation. What type of planning should we do?
There are five basic planning documents that you would be wise in acquiring. The first is a durable power of attorney which enables you to designate someone to handle your finances if you are seriously injured or disabled. The next is a durable power of attorney for health care which is the instrument that allows someone to make medical decisions for you in the same circumstances. Third, a living will instructs your family and physician as to your wishes if you are unable to make decisions yourself and are terminally ill or comatose. Next, a last will and testament appoints someone to manage your estate, as well as a guardian to take care of your minor children if you have any and general distribution plans regarding your assets. The last document is a living trust which is optional, but it does help you avoid probate and minimize or eliminate estate taxes. Of course, all of these documents are tailored to meet your specific needs.
If you are heading off on vacation and want to be sure your estate planning is up-to-date before you leave, please contact the Ohio Estate Planning attorneys of Browning & Meyer Co., LPA.